URANIUM PRICE FORECAST: DECEMBER 2025 – DECEMBER 2026

Note, in the report on the Uranium sector sent earlier today, ignore stock prices such as $38–42 (CCJ) and $9–10 (UUUU) which are old reference levels from lower-price periods, not current quotes.

The qualitative thesis (tier‑1 producer in CCJ; high‑beta growth in UUUU; both leveraged to uranium) still holds, but as always entry points are independent of actual price and depend on price/volume formation, ie, pocket pivots, undercut & rally, volume dry-ups, etc.

Executive Summary & Best Stock Picks

URANIUM PRICE OUTLOOK (12-MONTH)

Current Spot Price & Trajectory

December 2025: $76–77/lb (current trading level)ycharts+1

Period	Price Range	Upside Potential
Q4 2025	$75–80/lb	Baseline; mixed signals
Q1–Q2 2026	$80–100/lb	+5% to +32%
Q3 2026	$95–115/lb	+20% to +50%
End 2026	$100–135/lb	+30% to +76%

Base Case (60% probability): $95–110/lb by Dec 2026 (+24–43% upside from $76/lb)
Bull Case (25% probability): $120–135/lb by end-2026 (+57–76% upside; BofA target)
Bear Case (15% probability): $75–85/lb (flat; supply fears offset demand)discoveryalert+2

SUPPLY/DEMAND DRIVERS (2026 Focus)

Supply Headwinds

Kazatomprom Output Cut: 10% production reduction (8M lbs) announced for 2026; overcapacity concerns driving disciplineinvestingnews
Secondary Supply Depletion: Inventories/tails running down; 2026 = last year of meaningful secondary supply contribution
Western Sanctions Risk: Russia/Kazakhstan uranium export bans possible; creates Western premium (70% upside potential)

Demand Tailwinds

Nuclear Renaissance: 28% demand growth by 2030 (WNA forecast); AI data centers (Microsoft, Google PPAs) driving step-changeglobalelectricity
2026 Contracting Cycle: Utilities typically contract bulk supply Q2–Q3 2026; spot repricing upward likely
No Near-Term Supply Relief: New mines (NexGen Arrow, Kazatomprom expansions) not online until 2027+

Net Effect: Structural supply deficit 15–25M lbs in 2026; price support strong.discoveryalert+1

BEST URANIUM STOCKS (2026 UPSIDE)

TIER 1: CORE HOLDINGS

1. Cameco (NYSE: CCJ) – $38–42/share → $45–55 (2026)

Why Best: Tier-1 producer, 30M lbs/yr output, long-term contracts (price insensitivity), fuel services revenue hedge. +15–45% upside; 2% dividend yield. Lowest risk; suitable for conservative investors.

2. Energy Fuels (NYSE: UUUU) – $9–10/share → $12–16 (2026)

Why Best: First profitable year 2026 (EPS $0.06+); US-rare earths + uranium dual revenue; 2.5M lbs U3O8 target; Zacks Rank 2 (Buy). +30–60% upside; highest growth. Best execution inflection play.

TIER 2: GROWTH/SPECULATION

3. NexGen Energy (NYSE: NXE) – $7–10/share → $12–16 (2026)

Why Best: World-class Rook I/Arrow deposit (highest grades globally); development phase; 2027+ production. +50–100% upside; high leverage to uranium upside. For 5–7 yr hold; development optionality.

4. Uranium ETFs (NASDAQ: URA) – $24–30/share → $30–38 (2026)

Why Best: Diversified basket (46 holdings); lower volatility (11.74%); one-click exposure to CCJ/UUUU/NXE/Paladin. +25–50% upside; systematic approach. Best for hands-off/diversified allocators. Consider 2x ETF URAA for maximum risk/reward (+50–100% upside).

KEY CATALYSTS (2026)

Q1 2026: Kazatomprom Q4 2025 output report; confirmation of cuts → +$3–5/lb
Q2 2026: Utility contracting cycle; Energy Fuels profit announcement → UUUU +20–30%
H2 2026: AI nuclear PPAs announced; spot prices peak $110–135/lb → All holdings +15–25%

BOTTOM LINE

Uranium prices $95–110/lb by Dec 2026 (base case) supported by structural deficits; upside to $135/lb if geopolitical shocks hit. Best plays: CCJ (safety) + UUUU (growth) + URA (diversification) + URAA (maximum gain).

Market Lab Report - Top Uranium stocks